What are the odds? Part - 2 of Math Probability

5 months ago

What are the odds? Part - 2 of Math Probability

mathematics

probability

Statistics

Lottery

Winning by luck

Likelihood Function

Part 2

The biggest difficulty in the way of calculation of probability is that for complex systems, data is usually insufficient and we do not know all parameters of the functional system. Hence the concept of subjective logic- a branch of probability that deals with uncertain parameters and allows assumptions in calculations.

Probability has implications more than just mathematical – philosophers find that a fundamental aspect of the human condition is that nobody can ever determine with absolute certainty whether a proposition about the world is true or false. Also, individual people can never judge large systems objectively- they allow their assumptions of the world into their judgements. There is even a branch of probability called “fuzzy logic”, wherein there are no hard and fast answers to questions, the “yes” and “no” collide. Hence we have much larger questions- is there a certain universal truth? Can individuals ever be unbaised enough to think ??/completely objectively? It is for the next generation to find out. :)